A new CIBC poll conducted by Harris-Decima reveals that as Canada's largest demographic moves closer to retirement, 46% of Canadians aged 45 to 64 are still working to pay off their mortgage - including 33% of those between 55 and 64.
According to a previous CIBC poll released in January 2011, baby boomers identified planning for their retirement as their top financial priority for the year. But a more recent poll on savings revealed that almost one-third of boomers felt they were doing a poor job of building their savings so far in 2011.
The findings suggest that part of the challenge for boomers may be the need to continue making mortgage payments in the years traditionally associated with building savings for retirement.
Colette Delaney, senior vice-president, mortgage, lending, insurance and deposit products for CIBC, said “Having identified retirement planning as their top priority for 2011, these poll results show that boomers still have progress to make on paying down their mortgage and other debt which will allow them to accelerate their retirement savings.
“Paying off your mortgage sooner can free up significant cash flow each month, which in turn helps you build your retirement savings faster and ultimately achieve the retirement you want for you and your family.”
Jennifer Harrison
Twitter: JHarrisonBIV